Quiana took put a loan to pay for a new car. Initially, she owed the lender $15,234.68
Answer: Net change in loan=$1,237.15.
Explanation:
Given Information:
Initial amount of loan=$15,234.68;
Monthly payment=$247.43;
Number of months=5.
Required Information:
Net change in loan=?
Solution:
Total amount repaid=Monthly payment*Number of months;
Total amount repaid=$247.43*5;
Total amount repaid=$1,237.15.
The remaining owed amount is given by:
Balance=Initial amount of loan - Total amount repaid;
Balance=$15,234.68 - $1237.15;
Balance=$13,997.53.
So the net change to the loan from Quiana's perspective over the past 5 months is:
Net change in loan=Initial amount of loan - Balance;
Net change in loan=$15,234.68-$13,997.53;
Net change in loan=$1,237.15.
Therefore, the net change to the loan from Quiana's perspective over the past 5 months is $1,237.15.